In order to either confirm or dispel myths about millennials and home ownership, we surveyed 22 millennials about their financial situation. This is part 4 of the series. To read parts 1, 2 and 3 click here.
Surprisingly, even though they pay on average $1960 a month towards their mortgage, our respondents do not live pay to pay. They are smart with their money, pay extra off their mortgage, and even save some money too!
It sounds like they must basically just go to work and come home, with no money left for anything else, right?
Wrong! Most respondents stated they often go on holidays! Holidays ranged from local camping, to interstate adventures, to overseas holidays. Some comments were that holidays were important to their family, and that’s why they lived minimalistic most of the time, so they could afford to go on frequent holidays.
In addition, many respondents also indulged in barista made coffees a number of times a week! We all have something we enjoy that we are prepared to budget for – what’s yours? One person’s barista-made coffees is another person’s brunch!